Doximity (NASDAQ:DOCS) Upgraded to “Outperform” at Leerink Partners

Leerink Partners upgraded shares of Doximity (NASDAQ:DOCS) from a market perform rating to an outperform rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. They currently have $90.00 price objective on the stock, up from their previous price objective of $60.00.

A number of other brokerages have also weighed in on DOCS. Stephens assumed coverage on shares of Doximity in a report on Friday, December 20th. They set an “equal weight” rating and a $55.00 price objective for the company. Bank of America lifted their price target on shares of Doximity from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Canaccord Genuity Group reissued a “hold” rating and issued a $60.00 price objective (up previously from $40.00) on shares of Doximity in a research note on Wednesday, November 13th. Canaccord Genuity Group cut Doximity from a “buy” rating to a “hold” rating and upped their target price for the stock from $40.00 to $60.00 in a report on Wednesday, November 13th. Finally, Barclays upped their price objective on shares of Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Twelve research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Doximity presently has an average rating of “Hold” and a consensus target price of $62.44.

Doximity Stock Performance

Shares of NASDAQ DOCS opened at $78.97 on Friday. Doximity has a fifty-two week low of $22.96 and a fifty-two week high of $80.71. The company has a market cap of $14.74 billion, a price-to-earnings ratio of 90.77, a PEG ratio of 4.68 and a beta of 1.39. The business’s 50 day moving average price is $55.61 and its 200-day moving average price is $45.66.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.02). The business had revenue of $136.83 million during the quarter, compared to analysts’ expectations of $127.05 million. Doximity had a return on equity of 19.79% and a net margin of 33.69%. During the same quarter in the previous year, the business earned $0.18 EPS. Sell-side analysts predict that Doximity will post 0.88 earnings per share for the current year.

Insider Activity

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of Doximity stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $57.62, for a total transaction of $1,152,400.00. Following the completion of the sale, the director now owns 6,360 shares of the company’s stock, valued at approximately $366,463.20. The trade was a 75.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 37.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DOCS. FMR LLC increased its holdings in Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock worth $297,920,000 after buying an additional 1,598,602 shares during the period. Lord Abbett & CO. LLC acquired a new stake in shares of Doximity in the third quarter worth $29,453,000. Los Angeles Capital Management LLC raised its holdings in shares of Doximity by 6,242.6% during the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock worth $28,359,000 after purchasing an additional 640,612 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Doximity during the third quarter valued at $24,691,000. Finally, Geode Capital Management LLC boosted its holdings in Doximity by 19.8% in the third quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company’s stock valued at $124,503,000 after purchasing an additional 472,565 shares during the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.